How Swedish Business Community Can Benefit Indian Industry Commerce and Industry & Railways Minister, Piyush Goyal attended 19th Indo-Swedish joint commission for economic, industrial and scientific cooperation (JCEC) in Stockholm in Sweden
By Vinayak Sharma •
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Government is in a bid to forge ahead with the idea of promoting Indo-swedish business bond in India. Commerce and Industry Minister, Piyush Goyal reiterated the importance of joint action and joint declaration placed by the Prime Ministers of Sweden and India. They declared their acceptance on the partnership based on innovation and start-ups cooperation on both sides.
Commerce Minister Piyush Goyal emphasized on the work sectors in which Indo-swedish partnership can play its vital role. He highlighted the potential of Indo-Swedish Partnership under the memorandum of understanding in innovation, energy, healthcare, defence, sustainable urban development and railways.
Opportunities for Swedish Investment in India
At the joint commission, Piyush Goyal mentioned the importance of Indo-Swedish partnership in various areas of development. He stated the opportunities in the developmental sectors of India where the partnership can flourish itself.
At JCEC, Goyal addressed the partners with an overview of all the ease of doing business measures including structural and procedural reforms undertaken by the Indian government at centre and state level.
Road and Railways
Government has been taking measures to promote railways and roads since years. Swedish interest in these sectors would bring boost with the advanced technology and capital influx. Goyal stated about the expanding railways in India and its development pace along with the entry of new technology in the form of Vande Bharat express. Indo-Swedish partnership would take the sector to the standardized level of development. Indo-swedish collaborated ideas can help in welcoming the new tech revolution in India.
Infrastructure Investment and Start ups
Commerce & Industry Minister proposed the setting up of an Investment Enclave for Swedish investors in India with ready plug and play infrastructure that will help in creating an enabling ecosystem for Swedish companies in India, which was well received by the Swedish side. Both sides also agreed for greater cooperation between the Start-up ecosystems of both countries.
Ms. Anna Hallberg, Swedish Minister for Foreign Trade, agreed with Piyush Goyal that India offers an immense opportunity for Swedish businesses and highlighted that trade and investment could be taken to a higher level. She informed that there are more than 200 Swedish companies in India and more than 70 Indian companies in Sweden.
The Indian and Swedish sides complemented the Investment Facilitation Mechanism implemented through Department for Promotion of Industry and Internal Trade and Invest India in coordination with the Embassy of Sweden which has successfully resolved issues being faced by many Swedish companies in India.
The protocol of the JCEC provides a roadmap for taking Indo-Swedish Economic, Industrial and Scientific Cooperation to a higher level between the businesses and the Government of both countries.
